Home financing in White County.

Home financing is simply a loan that helps you buy a house. You borrow money from a lender, purchase the home, and pay the lender back over time — usually 15 or 30 years — with interest added. The home itself serves as collateral, meaning the lender has a legal claim on it until the loan is fully paid.

The most common types of home loans in White County include:

• **Conventional loans** — offered by banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration, allowing lower credit scores (as low as 580) and down payments as low as 3.5%. A popular choice for first-time buyers.

• **USDA Rural Development loans** — many parts of White County qualify as rural, making this a powerful zero-down-payment option for eligible buyers.

• **VA loans** — for eligible veterans and active-duty military. Zero down payment, no private mortgage insurance.

• **ITIN loans** — for buyers who do not have a Social Security number but file taxes using an Individual Taxpayer Identification Number (ITIN). These are offered by select community lenders and credit unions.

Federal programs like FHA and USDA provide the framework, but it is your local lender — a credit union, community bank, or CDFI — who actually processes your application and knows White County's housing market.

White County's economy is rooted in agriculture, manufacturing, healthcare (Unity Health in Searcy is a major employer), retail, and small contracting businesses. This shapes who lenders see walking through the door — and what they are used to reviewing.

**You may qualify if you:**

- Have a steady income, even if it comes from self-employment, seasonal farm work, or independent contracting

- Have a credit score of 580 or higher (lower scores may still qualify through certain CDFI or ITIN programs)

- Can document 24 months of self-employment or contract income through tax returns and bank statements

- Pay taxes with an ITIN — several local and regional lenders in Arkansas accept ITIN in place of a Social Security number

- Are a first-time buyer or a repeat buyer — both can access state assistance programs

- Are purchasing in a rural or semi-rural area of White County, which may open USDA eligibility

**Solo contractors and gig workers:** Lenders want to see consistency. Two years of Schedule C tax returns, a healthy bank statement history, and low personal debt relative to your income go a long way. A local credit union loan officer who understands seasonal income can make a real difference in how your application is reviewed.

**ITIN borrowers:** You are not excluded from homeownership. Arkansas has lenders who work with ITIN borrowers regularly. The process takes a bit more documentation, but it is a real, legitimate path to owning a home.

Gathering your paperwork before you apply saves time and stress. Every lender is slightly different, but here is what most will ask for in White County:

**Identity and Residency**

- Government-issued photo ID (passport, consular ID card, or driver's license)

- ITIN letter from the IRS (if applicable) or Social Security card

- Proof of current address (utility bill, lease agreement)

**Income Verification**

- Last 2 years of federal tax returns (Form 1040, including all schedules)

- W-2s or 1099s for the last 2 years

- Recent pay stubs (last 30 days) if you have an employer

- If self-employed: profit-and-loss statement for the current year, business bank statements

- If seasonal or agricultural worker: documentation of seasonal income pattern

**Assets and Debts**

- Last 2–3 months of bank statements (all accounts)

- Documentation of any gift funds used for a down payment

- List of existing debts (car loans, credit cards, student loans)

**Property**

- Signed purchase agreement (once you have an accepted offer)

- Property address for appraisal scheduling

**Tip:** Keep digital copies of everything. ITIN borrowers should also keep their last 2 years of ITIN tax transcripts — you can request these free from the IRS online or by mail.